The reinsurance providers market consists of sales of reinsurance by entities that assume all or part of the risk of current insurance policies originally underwritten by other insurance providers or direct insurance carriers. Reinsurance providers invest premiums composed from insurance providers to build up an assortment of financial assets to be used against future claims. The size of this market is based on the value of the premiums reinsured. Reinsurers are offering bundled products, wealth management establishments investing in big data analytics, increasing cyber related frauds are driving the need for cyber reinsurance, are the key trends witnessed in the global reinsurance providers market. Cyber reinsurance is rising in demand with increasing incidents of internet frauds & cyber risk. Cyber insurance is becoming popular owing to high cyber risk factor involved in banking & information technology industries, which are liable to data breaches and internet frauds.
According to study, “Reinsurance Providers Global Market Report 2019” the key companies operating in the global reinsurance providers market are GIC Re, Berkshire Hathaway, Munich Re, Mitsui Sumitomo, Everest Re, Korean Re, Great-West Lifeco, SCOR SE, XL Catlin, Hannover Re, PartnerRe, Tokio Marine, Fairfax, Maiden Re, China RE, Alleghany, Swiss Re, Sompo, AXIS, RGA, Mapfre. Many small & midsized reinsurance providers are using partnerships with hedge fund firms to raise their alternative capital raised through various risk transfer instruments. Hedge funds have been big consumers of insurance-linked securities for instance catastrophe bonds, which pay out only if there is a significant disaster.
Based on type, reinsurance providers market is segmented into life & health reinsurance providers and property & casualty reinsurance providers. Property & casualty reinsurance providers are engaged in direct underwriting insurance policies that defend policy holders against future uncertain losses that may occur due to property damage or contingent liability. Based on mode, market is segmented into offline mode and online mode. Based on distribution channel, market is segmented into broker and direct writing. Based on application, market is segmented into small reinsurance providers and midsized reinsurance providers. In addition, based on organization location, market is segmented into international and domestic.
The reinsurance providers market is driven by rise in reinsurance penetration, followed by increase in wealth in developing countries, rise in government initiatives, and emerging market growth. Based on geography, the reinsurance providers market is segmented into Asia-pacific, North-American, European and others. The Western-European is the key region for the market, accounted for approximately half of the overall market. The Asian-Pacific region was the second largest region accounted for one-fifth of total reinsurance providers market. Africa was the smallest region in the reinsurance providers market globally.
The global reinsurance providers market is anticipated to grow from US $438 billion in 2019 to US $438.9 billion in 2020 at a CAGR of 0.3%. The low growth is mainly owing to economic slowdown across countries due to the COVID-19 outbreak and the measures to contain it. The market is then projected to recover and grow at a CAGR of 9% from 2021 and reach US $554.2 billion in 2023.
For More Information, click on the link below:-
Global Reinsurance Providers Market Research Report
Related Reports:-
Reinsurance Providers Global Market Report 2020-30: Covid 19 Impact and Recovery
Contact Us:-
Ken Research
Ankur Gupta, Head Marketing & Communications
+91-9015378249
